Hero MotoCorp gains after inaugurating centre of innovation and technology

Hero MotoCorp rose 0.2% to Rs 2,817.65 at 9:30 IST on BSE after the company said that it has inaugurated Hero Global Centre of Innovation and Technology with an investment of Rs 850 crore in Jaipur, Rajasthan.

The announcement was made after market hours yesterday, 10 March 2016.

Meanwhile, the BSE Sensex was up 4.60 points, or 0.12%, to 24,653.89.

On BSE, so far 422 shares were traded in the counter, compared with an average volume of 32,640 shares in the past one quarter. The stock hit high of Rs 2,825 and low of Rs 2,795 so far during the day.

Hero MotoCorp said that showcasing the in house research and development capabilities, the Centre of Innovation and Technology (CIT) will design and develop world class products for the global markets. The operations of CIT with 500 automotive experts with global and regional expertise will be headed by Dr Markus Braunsperger, Chief Technology Officer of the company.

Hero MotoCorp's net profit rose 36.5% to Rs 795.81 crore on 5.6% increase in net sales to Rs 7174.16 crore in Q3 December 2015 over Q3 December 2014.

Hero MotoCorp is the world's largest two-wheeler manufacturer in terms of production capacity.

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